july 14, 2014 project plan for the creation of tax...

Organizational Joint Review Board Meeting Held: June 24, 2014

Public Hearing Held: June 24, 2014

Adoption by Plan Commission: June 24, 2014

Consideration for Adoption by Village Board: Scheduled for: July 21, 2014

Approval by the Joint Review Board: Scheduled for: July 28, 2014

July 14, 2014

Project Plan for the Creation of Tax Incremental District No. 4

Tax Incremental District No. 4 Creation Project Plan

Village of Caledonia Officials Village Board Bob Bradley Village President

David Prott Village Trustee

Kathleen Trentadue Village Trustee

Kevin Wangaard Village Trustee

Ed Willing Village Trustee

Jim Dobbs Village Trustee

Lee Wishau Village Trustee

Village Staff

Karie Torkilsen Village Clerk

Timothy Pruitt Village Attorney

Mark Janiuk Village Administrator

Larry Borchert Village Finance Director - Treasurer

Plan Commission

President Bob Bradley, Chair William Folk

Duane Michalski Karen Fawcett

Jonathan Schattner Trustee Kevin Wanggaard

Thomas Knitter Jarmen Czuta

Joint Review Board

Bob Bradley Village Representative

Margaret Hamers Racine County

Bane Thomey Gateway Technical College District

David Hazen Racine Unified School District

Tom Weatherston Public Member

Table of Contents INTRODUCTION ........................................................................................................................................................ 4

TYPE AND GENERAL DESCRIPTION OF DISTRICT ........................................................................................ 6

MAP OF PROPOSED DISTRICT BOUNDARY .................................................................................................... 7

MAP SHOWING EXISTING USES AND CONDITIONS ...................................................................................... 8

PRELIMINARY PARCEL LIST AND ANALYSIS ................................................................................................. 11

EQUALIZED VALUE TEST ..................................................................................................................................... 12

STATEMENT OF KIND, NUMBER AND LOCATION OF PROPOSED PUBLIC WORKS AND OTHER PROJECTS ................................................................................................................................................................ 13

MAPS SHOWING PROPOSED IMPROVEMENTS AND USES ...................................................................... 17

DETAILED LIST OF PROJECT COSTS .............................................................................................................. 21

ECONOMIC FEASIBILITY STUDY, FINANCING METHODS, AND THE TIME WHEN COSTS OR MONETARY OBLIGATIONS RELATED ARE TO BE INCURRED .................................................................. 23

ANNEXED PROPERTY........................................................................................................................................... 31

ESTIMATE OF PROPERTY TO BE DEVOTED TO RETAIL BUSINESS ...................................................... 31

PROPOSED ZONING ORDINANCE CHANGES ................................................................................................ 31

PROPOSED CHANGES IN MASTER PLAN, MAP, BUILDING CODES AND VILLAGE OF CALEDONIA ORDINANCES .......................................................................................................................................................... 31

RELOCATION ........................................................................................................................................................... 32

ORDERLY DEVELOPMENT OF THE VILLAGE OF CALEDONIA .................................................................. 32

LIST OF ESTIMATED NON-PROJECT COSTS ................................................................................................. 32

OPINION OF ATTORNEY FOR THE VILLAGE OF CALEDONIA ADVISING WHETHER THE PLAN IS COMPLETE AND COMPLIES WITH WISCONSIN STATUTES 66.1105 ...................................................... 33

CALCULATION OF THE SHARE OF PROJECTED TAX INCREMENTS ESTIMATED TO BE PAID BY THE OWNERS OF PROPERTY IN THE OVERLYING TAXING JURISDICTIONS ...................................... 34

____________________________________________________________________________________________ Project Plan TID No. 4 Creation Village of Caledonia Submitted by Ehlers June 17, 2014

SECTION 1: Introduction

Description of District Type of District, Size and Location Tax Incremental District (“TID”) No. 4 (the “TID” or “District”) is proposed to be created by the Village of Caledonia (“Village”) as a mixed-use district. A map of the proposed District boundaries is located in Section 3 of this plan. Estimated Total Project Expenditures. The Village anticipates making total project expenditures of approximately $29 Million to undertake the projects listed in this Project Plan. The Village anticipates completing the projects in three phases. The Expenditure Period of this District is 15 years from the date of adoption of the authorizing Resolution of the Village Board (the “Creation Resolution”). The projects to be undertaken pursuant to this Project Plan are expected to be financed with G.O. Bonds issued by the Village, however, the Village may use other alternative financing methods which may provide overall lower costs of financing, preserve debt capacity, mitigate risk to the Village, or provide other advantages as determined by the Village Board. A discussion and listing of other possible financing mechanisms, as well as a summary of total project financing, is located in Section 10 of this plan. Economic Development As a result of the creation of this District, the Village projects that additional land and improvements value of approximately $231 Million will be created as a result of new development, redevelopment, and appreciation in the value of existing properties. This additional value will be a result of the improvements made and projects undertaken within the District. A table detailing assumptions as to the timing of new development and redevelopment and associated values is located in Section 10 of this Plan. In addition, creation of the District is expected to result in other economic benefits as detailed in the Summary of Findings hereafter. Expected Termination of District Based on the Economic Feasibility Study located in Section 10 of this plan, this District would be expected to generate sufficient tax increments to recover all project costs with a surplus of approximately $6 million by the year 2034, one year prior to the 20 year maximum life of this District.

Summary of Findings As required by Wisconsin Statutes Section 66.1105, and as documented in this Project Plan and the exhibits contained and referenced herein, the following findings are made: 1. That “but for” the creation of this District, the development projected to occur as detailed in

this Project Plan: 1) would not occur; or 2) would not occur in the manner, at the values, or within the timeframe desired by the Village. In making this determination, the Village has considered the following information:


The majority of the area within the proposed District have remained vacant to date due to lack of adequate infrastructure. Given that the sites have not developed as would have been expected based on the experience of other municipalities with available infrastructure along the Racine-Kenosha I-94 corridor, it is the judgment of the Village that the use of Tax Incremental Financing (“TIF”) will be required to provide the necessary infrastructure and other inducements to encourage development on the sites consistent with that desired by the Village.

The Village and Racine Economic Development Corporation have received inquiries from prospective developers of land in the District, which have uniformly been predicated on the availability of adequate public water and sanitary sewer service.

The provision of public water and sanitary sewer service to the area requires more than incremental extensions from the Village’s existing public water and sanitary sewer facilities, specifically requiring extension of mains through the adjoining Village of Mount Pleasant and purchase of capacity in other mains owned by Mount Pleasant.

2. The economic benefits of the Tax Incremental District, as measured by increased employment,

business and personal income, and property value, are sufficient to compensate for the cost of the improvements. In making this determination, the Village has considered the following information: As demonstrated in the Economic Feasibility Section of this Project Plan, the tax increments

projected to be collected are more than sufficient to pay for the proposed project costs. On this basis alone, the finding is supported.

The development expected to occur is expected to generate additional manufacturing and retail jobs over the life of the District, although the number of jobs cannot be known at this time.

3. The benefits of the proposal outweigh the anticipated tax increments to be paid by the owners of property in the overlying taxing jurisdictions. If approved, the District’s creation would become effective for valuation purposes as of January

1, 2014. As of this date, the values of all existing development would be frozen and the property taxes collected on this base value would continue to be distributed amongst the various taxing entities as they currently are now. Taxes levied on any additional value established within the District due to new construction, renovation or appreciation of property values occurring after January 1, 2014 would be collected by the TID and used to repay the costs of TIF-eligible projects undertaken within the District.

Since the development expected to occur is unlikely to take place or in the same manner without

the use of TIF (see Finding #1) and since the District will generate economic benefits that are more than sufficient to compensate for the cost of the improvements (see Finding #2), the Village reasonably concludes that the overall benefits of the District outweigh the anticipated tax increments to be paid by the owners of property in the overlying taxing jurisdictions. It is further concluded that since the “but for” test is satisfied, there would, in fact, be no foregone tax increments to be paid in the event the District is not created. As required by Section 66.1105(4)(i)4., a calculation of the share of projected tax increments estimated to be paid by the owners of property in the overlying taxing jurisdictions has been made and can be found in Appendix A of this plan.


4. Not less than 50% by area of the real property within the District is suitable for a combination of primarily industrial and commercial, defined as “mixed-use development” within the meaning of Wisconsin Statutes Section 66.1105(2)(cm).

5. Based upon the findings, as stated above, the District is declared to be mixed-use District based on the

identification and classification of the property included within the District.

6. The project costs relate directly to promoting mixed-use development in the District consistent with the purpose for which the District is created.

7. The improvement of such area is likely to enhance significantly the value of substantially all of the

other real property in the District. 8. The equalized value of taxable property of the District, plus the value increment of all existing tax

incremental districts within the Village, does not exceed 12% of the total equalized value of taxable property within the Village.

9. The Village estimates that less than 35% of the territory within the District will be devoted to retail

business at the end of the District’s maximum expenditure period, pursuant to Wisconsin Statutes Sections 66.1105(5)(b) and 66.1105(6)(am)1.

10. The Project Plan for the District in the Village is feasible, and is in conformity with the master plan of

the Village.

SECTION 2: Type and General Description of District

The District is being created by the Village under the authority provided by Wisconsin Statutes Section 66.1105. The District is created as a “Mixed Use District” based upon a finding that at least 50%, by area, of the real property within the District is suitable for a combination of primarily industrial and commercial uses as defined within the meaning of Wisconsin Statutes Section 66.1105(2)(cm) (See Section 5 of this plan for a breakdown of District parcels by class and calculation of compliance with the 50% test). Lands proposed for newly-platted residential development may not comprise more than 35% of the area of the District and are not expected to do so. A map depicting the boundaries of the District is found in Section 3 of this Plan. A map depicting the proposed uses of the District is found in Section 8 of this plan. The Village intends that TIF will be used to assure that a combination of primarily industrial and commercial development occurs within the District consistent with the Village’s development objectives. This will be accomplished by installing public improvements and making necessary related expenditures to induce and promote development within the District. The goal is to increase the tax base and to provide for and preserve employment opportunities within the Village. The project costs included in the Plan relate directly to promoting mixed-use development in the District consistent with the purpose for which the District is created. Based upon the findings, as stated within this Plan, the District is declared to be a mixed-use District based on the identification and classification of the property included within the district.


SECTION 3: Map of Proposed District Boundary


SECTION 4: Map Showing Existing Uses and Conditions

See following two pages


SECTION 5: Preliminary Parcel List and Analysis

Village of Caledonia, WisconsinTax Increment District # 4

Base Preliminary Property Information

Parcel Number Owner Acreage Land Imp Total104042231022000 HINTZ REAL ESTATE DEVELOPMENT 146.79 1,626,300 836,400 2,462,700104042231024000 HINTZ REAL ESTATE DEVELOPMENT 40.00 9,000 0 9,000104042231025000 BORZYNSKI BROTHERS PROPERTIES 69.55 13,000 0 13,000104042231008000 HINTZ REAL ESTATE DEVELOPMENT 40.00 7,600 0 7,600104042231023000 HINTZ REAL ESTATE DEVELOPMENT 1.21 50,000 89,500 139,500104042231026000 YARRINGTON SCOTT M 0.92 47,900 66,700 114,600104042231030000 PLIMPTON JAMES J & MELONIE L 2.03 54,000 131,300 185,300104042231027000 KLIMOWICZ RONALD J & ROSEMARY 0.92 47,900 141,900 189,800104042231028000 OLSON TODD M & HEIDI M 2.00 14,700 0 14,700104042231031001 STATON GLEN R & BARBARA 3.00 58,800 70,800 129,600104042231029000 SZYMCZAK ALLAN J & JOAN R 1.25 50,200 133,300 183,500104042231016000 ROSCIZEWSKI PAUL J & DONNA D 0.48 35,800 87,600 123,400104042231017000 JOHNSON PATRICK J & PHYLLIS M 0.59 41,100 86,500 127,600104042231012000 HILLSIDE DEVELOPMENT OF CAL 0.86 8,400 0 8,400104042231014000 FINN THOMAS E & PATRICIA M 0.50 36,600 104,400 141,000104042231019000 MARINO TRUST JOHN & LEONA P 31.13 90,900 234,700 325,600104042231021000 BAUER BERNARD C 6.00 73,500 146,400 219,900104042231007000 HINTZ REAL ESTATE DEVELOPMENT 40.00 8,000 0 8,000104042231011000 HILLSIDE DEVELOPMENT OF CAL 64.89 57,800 62,500 120,300104042231015000 ROSS PETER J & BARBARA ANN 0.44 34,000 84,100 118,100104042231018000 RHODEN STEVEN W 0.47 35,200 95,900 131,100104042231013000 JACYNA TRUST & JACYNA TRUST 1.14 49,700 125,800 175,500104042231020000 BATTISTI ALBERT J & CYNTHIA 0.73 45,700 71,500 117,200104042231019020 CZAICKI JAMES J 1.86 53,200 241,100 294,300104042231003010 BETH DANIEL W & TINA H 7.70 81,800 190,100 271,900104042231004010 BETH JR MELVIN J 9.25 88,500 287,900 376,400104042231004020 STEWART CYNTHIA L 1.03 49,100 49,000 98,100104042231005000 BETH MELVIN J & NICOLE A 1.35 50,700 79,000 129,700104042231001000 SCHULTZ RONALD P 54.51 19,600 0 19,600104042231010000 HILLSIDE DEVELOPMENT OF CAL 37.23 8,800 0 8,800104042231009000 USTYMOWICZ D - CROOKS D % MAR 40.00 10,500 0 10,500104042231001000 SCHULTZ RONALD P 54.51 19,600 0 19,600104042230048000 NICHOLSON KENNETH L 1.23 50,100 89,400 139,500104042230047000 BADGER LAND COMPANY 65.35 12,500 0 12,500104042230080000 USTYMOWICZ - CROOKS 39.43 7,100 0 7,100104042230080010 GUTIERREZ ABIMAEL 7.00 78,400 103,000 181,400104042230082000 SCHULTZ WILLIAM A 22.86 48,000 86,300 134,300104042230049000 FORNES TODD M 2.12 54,500 63,300 117,800104042230084000 POST 494 A WIS CORP 0.00 0 0 0104042230038000 BADGER LAND COMPANY 31.29 5,600 0 5,600104042230035000 HRIBAR THOMAS A 6.33 228,600 186,200 414,800104042230034000 BEHRENS LEROY D & LAVERN E 0.42 33,700 83,700 117,400104042230031000 MICHEL PATRICIA M 0.41 32,300 63,800 96,100104042230029000 MICHEL PATRICIA M 0.45 4,400 0 4,400104042230030001 MICHEL JUNE M 0.69 45,300 89,800 135,100104042230030000 MICHELS GARAGE INC * 0.42 41,600 79,000 120,600104042230042000 HRIBAR THOMAS A 1.04 49,200 105,300 154,500104042230044000 RGM PARTNERS LLC 0.59 41,200 115,800 157,000104042230020200 WELCH FRANKLIN H & SHARON F 2.09 310,700 306,800 617,500104042230020300 DEBACK TRUST HAROLD R & CAROL 2.74 600 0 600104042230020100 DEBACK TRUST HAROLD R & CAROL 2.57 500 0 500

Total Acreage 849.37 3,922,200 4,788,800 8,711,000

Assessment Information


SECTION 6: Equalized Value Test

The following calculations demonstrate that the Village is in compliance with Wisconsin Statutes Section.66.1105(4)(gm)4.c., which requires that the equalized value of the taxable property in the proposed District, plus the value increment of all existing tax incremental districts, does not exceed 12% of the total equalized value of taxable property within the Village. The equalized value of the increment of existing tax incremental districts within the Village, plus the base value of the proposed District, totals $12,190,700. This value is less than the maximum of $230,599,680 in equalized value that is permitted for the Village of Caledonia. The Village is therefore in compliance with the statutory equalized valuation test and may proceed with creation of this District.

Creation Date 5/19/2014

Valuation Data Dollar Percent Valuation Data

Currently Available Charge Change Est. Creation Date

2013

Total EV (TID In) 1,921,664,000 1,921,664,000

12% Test 230,599,680 230,599,680

Increment of Existing TIDs

0 0

3,479,700 3,479,700

0

0

0

0

Total Existing Increment 3,479,700 3,479,700

Projected Base of New or Amended District 8,711,000 8,711,000

Total Value Subject to 12% Test 12,190,700 12,190,700

Compliance PASS PASS

Village of Caledonia, Wisconsin

Tax Increment District # 4

Valuation Test Compliance Calculation

TID #3

TID #1


SECTION 7: Statement of Kind, Number and Location of Proposed Public Works and Other Projects

The proposed boundaries of the District, beginning at the intersection of I-94 and County

Highway K and moving in a clockwise direction would be generally bounded by County Highway K, the I-94 Frontage Rd., Adams Rd., Carol Rd., County Highway K, Sunflower Dr., County Highway V, the South Village Limit and I-94. The District is expected to be a mixed-use district (primarily commercial and industrial) based on the identification, classification and anticipated uses of the property proposed to be included within the District; and

Proposed project costs of approximately $29 Million may include, but are not limited to: sanitary

sewer system improvements, water system improvements, stormwater management system improvements, street improvements, cash grants to owners, lessees or developers of land located within the district (development incentives), professional and organizational services, administrative costs, and finance costs. Project expenditures are expected to be made in multiple phases over the 15 year statutory expenditure period for the proposed District. The following is a list of public works and other TIF-eligible projects that the Village expects to implement in conjunction with this District. Any costs necessary or convenient to the creation of the District or directly or indirectly related to the public works and other projects are considered "Project Costs" and eligible to be paid with tax increment revenues of the District.

Property, Right-of-Way and Easement Acquisition Acquisition of Rights-of-Way The Village may need to acquire property to allow for installation and maintenance of water mains, sanitary sewers, streets, stormwater management and other public infrastructure. Costs incurred by the Village to identify, negotiate and acquire rights-of-way are eligible Project Costs. Acquisition of Easements The Village may need to acquire temporary or permanent easements to allow for installation and maintenance of water mains, sanitary sewers, streets, stormwater management and other public infrastructure. Costs incurred by the Village to identify, negotiate and acquire easement rights are eligible Project Costs. Relocation Costs If relocation expenses are incurred in conjunction with the acquisition of property or easements, those expenses are eligible Project Costs. These costs may include, but are not limited to: preparation of a relocation plan; allocations of staff time; legal fees; publication of notices; obtaining appraisals; and payment of relocation benefits as required by Wisconsin Statutes Sections 32.19 and 32.195.


Utilities Sanitary Sewer System Improvements There are no existing public sanitary sewer facilities serving areas of the District. To allow development to occur, the Village needs to provide sanitary sewer infrastructure to serve the District. Eligible Project Costs include, but are not limited to, capacity purchases; construction, alteration, rebuilding or expansion of: collection mains; manholes and cleanouts; force mains; interceptor sewers; pumping stations; lift stations; and all related appurtenances. To the extent sanitary sewer projects undertaken within the District provide direct benefit to land outside of the District, the Village will make an allocation of costs based on such benefit. Those costs corresponding to the benefit allocated to land within the District, and necessitated by the implementation of the Project Plan, are eligible Project Costs. Implementation of the Project Plan may also require that the Village construct, alter, rebuild or expand sanitary sewer infrastructure located outside of the District. That portion of the costs of sanitary sewer system projects undertaken outside the District which are necessitated by the implementation of the Project Plan are eligible Project Costs. Water System Improvements There are no existing public water distribution facilities serving areas of the District. To allow development to occur, the Village needs to provide water system infrastructure to serve the District. Eligible Project Costs include, but are not limited to, capacity purchases; construction, alteration, rebuilding or expansion of: distribution mains; manholes and valves; hydrants; pumping stations; storage tanks and reservoirs; and all related appurtenances. To the extent water system projects undertaken within the District provide direct benefit to land outside of the District, the Village will make an allocation of costs based on such benefit. Those costs corresponding to the benefit allocated to land within the District, and necessitated by the implementation of the Project Plan, are eligible Project Costs. Implementation of the Project Plan may also require that the Village construct, alter, rebuild or expand water system infrastructure located outside of the District. That portion of the costs of water system projects undertaken outside the District which are necessitated by the implementation of the Project Plan are eligible Project Costs. Stormwater Management System Improvements Development within the District will cause stormwater runoff and pollution. To manage this stormwater runoff, the Village may need to construct, alter, rebuild or expand stormwater management infrastructure within the District. Eligible Project Costs include, but are not limited to, construction, alteration, rebuilding or expansion of: stormwater collection mains; inlets, manholes and valves; service laterals; ditches; culvert pipes; box culverts; bridges; stabilization of stream and river banks; and infiltration, filtration and detention Best Management Practices (BMPs). To the extent stormwater management system projects undertaken within the District provide direct benefit to land outside of the District, the Village will make an allocation of costs based on such benefit. Those costs corresponding to the benefit allocated to land within the District, and necessitated by the implementation of the Project Plan, are eligible Project Costs. Implementation of the Project Plan may also require that the Village construct, alter, rebuild or expand stormwater management infrastructure located outside of the District. That portion of the costs of stormwater management system projects undertaken outside the District which are necessitated by the implementation of the Project Plan are eligible Project Costs.

Streets and Streetscape Street Improvements There are inadequate street improvements serving areas of the District. To allow development to occur, the Village may need to construct and/or reconstruct streets, highways, alleys, access drives and parking


areas. Eligible Project Costs include, but are not limited to: Village portions of the cost of upgrading County highways; excavation; removal or placement of fill; construction of road base; asphalt or concrete paving or repaving; installation of curb and gutter; installation of sidewalks and bicycle lanes; installation of culverts, box culverts and bridges; rail crossings and signals; utility relocation, to include burying overhead utility lines; street lighting; installation of traffic control signage and traffic signals; pavement marking; right-of-way restoration; installation of retaining walls; and installation of fences, berms, and landscaping.

Miscellaneous Cash Grants (Development Incentives) The Village may enter into agreements with property owners, lessees, or developers of land located within the District for the purpose of sharing costs to encourage the desired kind of improvements and assure tax base is generated sufficient to recover project costs. No cash grants will be provided until the Village executes a developer agreement with the recipient of the cash grant. Any payments of cash grants made by the Village are eligible Project Costs Professional Service and Organizational Costs The costs of professional services rendered, and other costs incurred, in relation to the creation, administration and termination of the District, and the undertaking of the projects contained within this Plan, are eligible Project Costs. Professional services include, but are not limited to: architectural; environmental; planning; engineering; legal, audit; financial; and the costs of informing the public with respect to the creation of the District and the implementation of the Plan. Administrative Costs The Village may charge to the District as eligible Project Costs reasonable allocations of administrative costs, including, but not limited to, employee salaries. Costs allocated will bear a direct connection to the time spent by Village employees in connection with the implementation of the Plan. Financing Costs Interest expense, debt issuance expenses, redemption premiums, and any other fees and costs incurred in conjunction with obtaining financing for projects undertaken under this Plan are eligible Project Costs. With all projects the costs of engineering, design, survey, inspection, materials, construction, restoring property to its original condition, apparatus necessary for public works, legal and other consultant fees, testing, environmental studies, permits, updating Village ordinances and plans, judgments or claims for damages and other expenses are included as Project Costs. In the event any of the public works project expenditures are not reimbursable out of the special TIF fund under Wisconsin Statutes Section 66.1105, in the written opinion of counsel retained by the Village for such purpose or a court of record so rules in a final order, then such project or projects shall be deleted herefrom and the remainder of the projects hereunder shall be deemed the entirety of the projects for purposes of this Project Plan. The Village reserves the right to implement only those projects that remain viable as the Plan period proceeds. Project Costs are any expenditure made, estimated to be made, or monetary obligations incurred or estimated to be incurred, by the Village and as outlined in this Plan. Project Costs will be diminished by any income, special assessments or other revenues, including user fees or charges. To the extent the costs


benefit the municipality outside the District, a proportionate share of the cost is not a Project Cost. Costs identified in this Plan are preliminary estimates made prior to design considerations and are subject to change after planning is completed. Any prorations of costs in the Plan are also estimates and subject to change based upon implementation, future assessment policies and user fee adjustments.


SECTION 8: Maps Showing Proposed Improvements and Uses

See following three pages. (Note: proposed public water and sewer system improvements locations as shown are subject to modification after detailed engineering design; also the locations of storm water and street improvements are not shown as they are to be determined based on particular development proposals)


SECTION 9: Detailed List of Project Costs

All costs are based on 2014 prices and are preliminary estimates. The Village reserves the right to increase these costs to reflect inflationary increases and other uncontrollable circumstances between 2014 and the time of construction. The Village also reserves the right to increase certain project costs to the extent others are reduced or not implemented without amending the Plan. The tax increment allocation is preliminary and is subject to adjustment based upon the implementation of the Plan. This Plan is not meant to be a budget nor an appropriation of funds for specific projects, but a framework within which to manage projects. All costs included in the Plan are estimates based on best information available. The Village retains the right to delete projects or change the scope and/or timing of projects implemented as they are individually authorized by the Village Board, without amending the Plan. All costs are based on 2014 prices and are preliminary estimates. The Village reserves the right to increase these costs to reflect inflationary increases and other uncontrollable circumstances between 2014 and the time of construction. However, for increases in excess of 20% over the cost of inflation of total project costs, the Village would pursue an amendment to the Plan in accordance with the amendment procedures specified in Wisconsin Statutes Section 66.1105(4)(h), which include review by the Joint Review Board. The Village also reserves the right to increase certain project costs to the extent others are reduced or not implemented, without amending the Plan. The tax increment allocation is preliminary and is subject to adjustment based upon the implementation of the Plan.


Proposed TIF Project Cost Estimates

CTH "V"

Phase

CTH "K"

Phase

Golf Rd.

Phase

2014‐2015 2015‐2019 2019‐2023 Total Note 1

Project ID Project Name/Type

1 Water Main ‐ Segments in Caledonia ‐ non‐S/A 334,710 385,777 303,228 1,023,715

2 Water Main ‐ Segments in Caledonia ‐ S/A 621,603 716,444 1,017,681 2,355,728

3 Water Main ‐ Segments in Mt. Pleasant ‐ non‐S/A 256,550 256,550

4 Water Main ‐ Segments in Mt. Pleasant ‐ S/A Note 4

1,452,966 1,452,966

5 Water Main ‐ Segments in Mt. Pleasant ‐ Racine Share 825,484 825,484

6 Water Main ‐ Segments in Mt. Pleasant ‐ Caledonia Share 311,546 311,546

7 Sanitary Sewer Mains ‐ Segments in Caledonia ‐ Non‐S/A 2,595,713 385,695 2,981,408

8 Sanitary Sewer Mains ‐ Segments in Caledonia ‐ S/A 1,429,043 708,210 2,137,253

9 Sanitary Sewer Lift St & FM ‐ Segments in Caledonia & Mt. Pleasa 5,721,000 5,721,000

10 Sanitary Sewer ‐ Sewer Connection Fees Note 5

6,500,000 6,500,000

11 Storm Water Improvements (Non‐Assessable Portions) 1,000,000 1,500,000 2,500,000

12 Caledonia Share of Arterial Road Improvements ‐ Allowance 500,000 500,000 1,000,000

13 Development Incentives ‐ Other Note 3

750,000 750,000 1,500,000

14 Administrative (during Project capitalization period only) 50,000 175,000 175,000 400,000

Total Projects 16,073,859 7,551,976 5,339,814 28,965,649

Notes:

Note 1 Project costs are 2014 estimates and are subject to modification

Note 2 Assume portion of specially‐assessable costs that are actually assessed = 67 %

Note 3 Does not require up‐front capitalization ‐ payable only on "as earned" basis

Note 4

Note 5


Estimated Project List

Special assessments in Mt. Pleasant are subject to actual usage of the water main and may be indefinitely deferred under

the terms of the Wholesale Agreement with the City of Racine

Upfront payments for permanent use of capacity in the Mt. Pleasant Interceptor System under the 2008 Mount

Pleasant/Caledonia Shared Sanitary Sewer Service Agreement (payments to begin upon connection to serve TID 4 area)


SECTION 10: Economic Feasibility Study, Financing Methods, and the Time When Costs or Monetary Obligations Related are to be Incurred

The information and exhibits contained within this Section demonstrate that the proposed District is economically feasible insofar as:

The Village has available to it the means to secure the necessary financing required to accomplish the projects contained within this Plan. A listing of “Available Financing Methods” follows.

The Village expects to complete the projects in one or multiple phases, and can adjust the timing

of implementation as needed to coincide with the pace of private development . A discussion of the phasing and projected timeline for project completion is discussed under “Plan Implementation” within this Section. A table identifying the financing method for each phase and the time at which that financing is expected to be incurred is included.

The development anticipated to occur as a result of the implementation of this Plan will generate

sufficient tax increments to pay for the cost of the projects. Within this Section are tables identifying: 1) the development expected to occur, 2) a projection of tax increments to be collected resulting from that development and other economic growth within the District, and 3) a cash flow model demonstrating that the projected tax increment collections and all other revenues available to the District will be sufficient to pay all Project Costs.

Available Financing Methods Implementation of this Plan may require that the Village issue debt obligations to provide direct or indirect financing for the Projects to be undertaken. The following is a list of the types of obligations the Village may choose to utilize. General Obligation (G.O.) Bonds or Notes The Village may issue G.O. Bonds or Notes to finance the cost of projects included within this Plan. The Wisconsin State Constitution limits the principal amount of G.O. debt that the community may have outstanding at any point in time to an amount not greater than five percent of its total equalized value (TID IN). As of the date of this plan, the Village has a G.O. debt limit of $96,083,200, of which $64,630,121 is currently unused and could be made available to finance Project Costs. The table at the end of this section of the Project Plan shows a projection of G.O. debt capacity utilization if G.O. financing were to be used exclusively. Bonds Issued to Developers (“Pay as You Go” Financing) The Village may issue a bond or other obligation to one or more developers who provide financing for projects included in this Plan. Repayment of the amounts due to the developer under the bonds or other obligations are limited to an agreed percentage of the available annual tax increments collected that result from the improvements made by the developer. To the extent the tax increments collected are insufficient


to make annual payments, or to repay the entire obligation over the life of the District, the Village’s obligation is limited to not more than the agreed percentage of the actual increments collected. Bonds or other obligations issued to developers in this fashion are not general obligations of the Village and, therefore, do not count against the Village’s statutory borrowing capacity. Tax Increment Revenue Bonds The Village has the authority to issue revenue bonds secured by the tax increments to be collected. These bonds may be issued directly by the Village, or as a form of lease revenue bond by a Community Development Authority (CDA) or by a Redevelopment Authority (RDA). Tax Increment Revenue Bonds and Lease Revenue Bonds are not general obligations of the Village and therefore do not count against the Village’s statutory borrowing capacity. To the extent tax increments collected are insufficient to meet the annual debt service requirements of the revenue bonds, the Village may be subject to either a permissive or mandatory requirement to appropriate on an annual basis a sum equal to the actual or projected shortfall. Utility Revenue Bonds The Village can issue revenue bonds to be repaid from revenues of the its various systems, including revenues paid by the Village that represent service of the system to the Village. There is neither a statutory nor constitutional limitation on the amount of revenue bonds that can be issued, however, water rates are controlled by the Wisconsin Public Service Commission and the Village must demonstrate to bond purchasers its ability to repay revenue debt with the assigned rates. To the extent the Village utilizes utility revenues other than tax increments to repay a portion of the bonds; the Village must reduce the total eligible Project Costs in an equal amount. Special Assessment “B” Bonds The Village has the ability to levy special assessments against benefited properties to pay part of the costs for street, curb, gutter, sewer, water, storm sewers and other infrastructure. In the event the Village determines that special assessments are appropriate, the Village can issue Special Assessment B bonds pledging revenues from special assessment installments to the extent assessment payments are outstanding. These bonds are not counted against the Village's statutory borrowing capacity. If special assessments are levied, the Village must reduce the total eligible Project Costs under this Plan in an amount equal to the total collected.


Year

Projected

Projected

Prior to TID 4

(no growth)

Add TID 4

Growth

Total w

ith TID 4

Growth

G.O. D

ebt Limit

(5% of E.V.)

Debt Prior to

TID 4

TID 4 Debt

Total D

ebt

with TID 4

G.O. D

ebt Limit

Used

2014

1,921,664,000

01,921,664,000

96,083,200

30,298,548

8,260,000

38,558,548

40%

2015

1,921,664,000

87,110

1,921,751,110

96,087,556

27,322,753

17,310,000

44,632,753

46%

2016

1,921,664,000

4,075,091

1,925,739,091

96,286,955

24,491,583

26,310,000

50,801,583

53%

2017

1,921,664,000

10,102,952

1,931,766,952

96,588,348

21,997,130

26,310,000

48,307,130

50%

2018

1,921,664,000

18,291,092

1,939,955,092

96,997,755

19,609,173

33,025,000

52,634,173

54%

2019

1,921,664,000

28,661,112

1,950,325,112

97,516,256

17,402,902

33,025,000

50,427,902

52%

2020

1,921,664,000

47,234,834

1,968,898,834

98,444,942

15,394,309

33,025,000

48,419,309

49%

2021

1,921,664,000

69,094,292

1,990,758,292

99,537,915

13,433,192

32,825,000

46,258,192

46%

2022

1,921,664,000

92,272,345

2,013,936,345

100,696,817

11,590,000

32,325,000

43,915,000

44%

2023

1,921,664,000

116,882,178

2,038,546,178

101,927,309

9,950,000

31,425,000

41,375,000

41%

2024

1,921,664,000

142,938,110

2,064,602,110

103,230,106

8,755,000

30,125,000

38,880,000

38%

2025

1,921,664,000

167,354,601

2,089,018,601

104,450,930

7,530,000

28,425,000

35,955,000

34%

2026

1,921,664,000

184,815,257

2,106,479,257

105,323,963

6,265,000

26,405,000

32,670,000

31%

2027

1,921,664,000

199,450,520

2,121,114,520

106,055,726

4,950,000

24,115,000

29,065,000

27%

2028

1,921,664,000

211,132,135

2,132,796,135

106,639,807

3,590,000

21,630,000

25,220,000

24%

2029

1,921,664,000

219,730,566

2,141,394,566

107,069,728

2,185,000

18,965,000

21,150,000

20%

2030

1,921,664,000

222,014,982

2,143,678,982

107,183,949

1,100,000

16,115,000

17,215,000

16%

2031

1,921,664,000

224,322,242

2,145,986,242

107,299,312

625,000

13,080,000

13,705,000

13%

2032

1,921,664,000

226,652,574

2,148,316,574

107,415,829

140,000

9,885,000

10,025,000

9%

2033

1,921,664,000

229,006,210

2,150,670,210

107,533,510

6,580,000

6,580,000

6%

2034

1,921,664,000

229,006,210

2,150,670,210

107,533,510

2,930,000

2,930,000

3%

2035

1,921,664,000

229,006,210

2,150,670,210

107,533,510

00

0%

Total Equalized Value

Outstanding G.O. D

ebt Principal at Year End

Village of Caled

onia, W

isconsin


General Obligation Debt Capacity Utilization


Plan Implementation Projects identified will provide the necessary anticipated governmental services to the area. A reasonable and orderly sequence is outlined on the following page. However, public debt and expenditures should be made at the pace private development occurs to assure increment is sufficient to cover expenses. It is anticipated developer agreements between the Village and property owners will be in place prior to major public expenditures. These agreements can provide for development guarantees or a payment in lieu of development. To further assure contract enforcement, these agreements might include levying of special assessments against benefited properties. The order in which public improvements are made should be adjusted in accordance with development and execution of developer agreements. The Village reserves the right to alter the implementation of this Plan to accomplish this objective. Interest rates projected are based on current market conditions. Municipal interest rates are subject to constantly changing market conditions. In addition, other factors such as the loss of tax-exempt status of municipal bonds or broadening the purpose of future tax-exempt bonds would affect market conditions. Actual interest expense will be determined once the methods of financing have been approved and securities or other obligations are issued. If financing as outlined in this Plan proves unworkable, the Village reserves the right to use alternate financing solutions for the projects as they are implemented.


Implementation and Financing Timeline

G.O. Bond

G.O. Bond

G.O. Bond

G.O. Bond

2014

2015

2016

2018

Totals

Projects

CTH

"V" Phase

7,400,000

8,673,859

16,073,859

CTH

"K" Phase

7,551,976

07,551,976

Golf Rd. Phase

5,339,814

5,339,814

Allowance for inflation:

2.00%

156,968

302,079

427,185

886,232

(825,484)

(825,484)

Total Project Funds

7,400,000

8,005,343

7,854,055

5,766,999

29,026,397

Estimated Finance Related Expenses

Financial Advisor

34,000

34,000

33,000

28,000

Bond Counsel

11,000

11,000

11,000

11,000

Rating Agency Fee

13,000

13,500

14,000

15,000

Underw

riter Discount

10.00

82,600

10.00

90,500

10.00

90,000

10.00

67,150

Debt Service Reserve

0

Capitalized Interest

Assumed no. of mos. (up to 36):

30722,750

905,000

1,012,500

839,375

Total Financing Required

8,263,350

9,059,343

9,014,555

6,727,524

Estimated Interest

0.25%

(4,625)

0.25%

(10,007)

0.25%

(14,726)

0.25%

(14,417)

Assumed spend down (months)

36

912

Rounding

1,275

664

171

1,894

Net Issue Size

8,260,000

9,050,000

9,000,000

6,715,000

33,025,000

Notes:

1. Special Assessments assumed to be actually levied‐ Caledonia

0424,803

1,495,550

1,251,667

3,172,021

2. Special Assessments ‐ Mt. Pleasant (subject to actual usage

50%

741,013

50%

786,369

1,527,381

of the water main and may be indefinitely deferred under term

signo

reuse

of the W

holesale Agreement with the City of Racine)

Village of Caledonia, W

isconsin

Tax Increm

ent District # 4

Estimated

Financing Plan

Water Main ‐ Segm

ents in

Mt. Pleasant ‐ Racine Share


Development Assumptions

CTH "K"

Phase

Golf Rd.

PhaseAnnual Total

347 502 849

1 2014 0 2014 1

2 2015 3,900,000 3,900,000 2015 2

3 2016 5,900,000 5,900,000 2016 3

4 2017 8,000,000 8,000,000 2017 4

5 2018 10,100,000 10,100,000 2018 5

6 2019 12,300,000 5,900,000 18,200,000 2019 6

7 2020 12,400,000 8,900,000 21,300,000 2020 7

8 2021 10,400,000 12,000,000 22,400,000 2021 8

9 2022 8,400,000 15,200,000 23,600,000 2022 9

10 2023 6,300,000 18,500,000 24,800,000 2023 10

11 2024 4,300,000 18,600,000 22,900,000 2024 11

12 2025 15,700,000 15,700,000 2025 12

13 2026 12,700,000 12,700,000 2026 13

14 2027 9,600,000 9,600,000 2027 14

15 2028 6,400,000 6,400,000 2028 15

16 2029 0 2029 16

17 2030 0 2030 17

18 2031 0 2031 18

19 2032 0 2032 19

20 2033 0 2033 20

Totals 82,000,000 123,500,000 205,500,000

Notes:

All phases assumed to be approx. 70% buildable, built out to incremental value per acre (in 2014 dollars)

Assumed inflation in property values: 1%

All phases assumed to build out over 10 years with a bell‐shaped curve

$325,000

Construction Year Construction Year

Village of Caledonia, Wisconsin


Development Assumptions

Gross Acreage


Increment Revenue Projections

Type of District

Base Value

8,711,000

Creation Date

Appreciation Factor

1.00%

xApply to Base Value

Valuation Date

Jan 1,

2014

Base Tax Rate

$22.53

Max Life (Years)

Rate Adjustment Factor

‐4.00%

Year 1 only (mainly due to

Expenditure Periods/Term

ination

155/19/2029

Technical College

levy changes)

Revenue Periods/Final Year

202035

Extension Eligibility/Years

Yes

3Tax Exempt Discount Rate

4.00%

Recipient District

Taxable Discount Rate

6.00%

Construction

Year

Value Added

Valuation

Year

Inflation

Increment

Total

Increment

Revenue

Year

Tax Rate

Tax

Increment

Tax Exempt

NPV

Calculation

Taxable NPV

Calculation

12014

02015

87,110

87,110

2016

$21.60

1,882

1,809

1,775

22015

3,900,000

2016

87,981

4,075,091

2017

$21.60

88,022

83,190

80,114

32016

5,900,000

2017

127,861

10,102,952

2018

$21.60

218,224

277,191

263,339

42017

8,000,000

2018

188,140

18,291,092

2019

$21.60

395,088

614,913

576,286

52018

10,100,000

2019

270,021

28,661,112

2020

$21.60

619,080

1,123,752

1,038,898

62019

18,200,000

2020

373,721

47,234,834

2021

$21.60

1,020,272

1,930,088

1,758,150

72020

21,300,000

2021

559,458

69,094,292

2022

$21.60

1,492,437

3,064,217

2,750,706

82021

22,400,000

2022

778,053

92,272,345

2023

$21.60

1,993,083

4,520,543

4,001,190

92022

23,600,000

2023

1,009,833

116,882,178

2024

$21.60

2,524,655

6,294,332

5,495,530

102023

24,800,000

2024

1,255,932

142,938,110

2025

$21.60

3,087,463

8,380,112

7,219,553

112024

22,900,000

2025

1,516,491

167,354,601

2026

$21.60

3,614,859

10,728,255

9,123,816

122025

15,700,000

2026

1,760,656

184,815,257

2027

$21.60

3,992,010

13,221,653

11,107,722

132026

12,700,000

2027

1,935,263

199,450,520

2028

$21.60

4,308,131

15,809,005

13,127,542

142027

9,600,000

2028

2,081,615

211,132,135

2029

$21.60

4,560,454

18,442,553

15,144,636

152028

6,400,000

2029

2,198,431

219,730,566

2030

$21.60

4,746,180

21,077,939

17,125,051

162029

02030

2,284,416

222,014,982

2031

$21.60

4,795,524

23,638,308

19,012,791

172030

02031

2,307,260

224,322,242

2032

$21.60

4,845,360

26,125,787

20,812,185

182031

02032

2,330,332

226,652,574

2033

$21.60

4,895,696

28,542,440

22,527,362

192032

02033

2,353,636

229,006,210

2034

$21.60

4,946,534

30,890,274

24,162,256

202033

02034

2,377,172

231,383,382

2035

$21.60

4,997,881

33,171,242

25,720,619

Totals

205,500,000

25,883,382

Future Value of Increment

57,142,834

Notes: Actual results will vary depending on development, inflation of overall tax rates.

NPV calculations represent estim

ated amount of funds that could be borrowed (including project cost, capitalized interest and issuance costs).

Village of Caledonia, W

isconsin


Tax Increm

ent Projection W

orksheet

Mixed Use

May 19, 2014

20 No


Cash Flow


Cash Flow Projection

Year

Issued: Issued: Issued: Issued:

Principal Interest @ Principal Interest Principal Interest Principal Interest Year

0.25% 5.00% 5.00% 3.50% 4.00% 4.50% 5.00%

2014

3.00%

722,750 722,750 0 722,750 722,750 8,260,000 2014

2015 1,807 905,000 906,807 289,100 289,100 617,707 1,340,457 17,310,000 2015

2016 1,882 3,351 1,012,500 55,014 1,072,747 0 289,100 362,000 651,100 421,647 1,762,104 26,310,000 2016

2017 88,022 4,405 55,014 147,441 0 289,100 362,000 405,000 25,000 1,081,100 (933,659) 828,445 26,310,000 2017

2018 218,224 2,071 839,375 55,014 1,114,684 0 289,100 362,000 405,000 50,000 1,106,100 8,584 837,029 33,025,000 2018

2019 395,088 2,093 258,379 72,558 728,117 0 289,100 0 362,000 405,000 335,750 50,000 1,441,850 (713,733) 123,296 33,025,000 2019

2020 619,080 308 428,580 72,558 1,120,526 0 289,100 0 362,000 0 405,000 335,750 75,000 25,000 1,491,850 (371,324) (248,028) 33,025,000 2020

2021 1,020,272 (7,441) 428,580 72,558 1,513,970 200,000 289,100 0 362,000 0 405,000 335,750 75,000 25,000 1,691,850 (177,880) (425,908) 32,825,000 2021

2022 1,492,437 (12,777) 428,580 72,558 1,980,798 300,000 282,100 200,000 362,000 0 405,000 0 335,750 100,000 25,000 2,009,850 (29,052) (454,961) 32,325,000 2022

2023 1,993,083 (13,649) 428,580 72,558 2,480,572 400,000 271,600 300,000 354,000 200,000 405,000 0 335,750 100,000 25,000 2,391,350 89,222 (365,739) 31,425,000 2023

2024 2,524,655 (10,972) 428,580 72,558 3,014,821 500,000 257,600 400,000 342,000 200,000 396,000 200,000 335,750 100,000 25,000 2,756,350 258,471 (107,267) 30,125,000 2024

2025 3,087,463 (3,218) 428,580 72,558 3,585,383 600,000 240,100 500,000 326,000 300,000 387,000 300,000 325,750 100,000 25,000 3,103,850 481,533 374,266 28,425,000 2025

2026 3,614,859 936 373,566 72,558 4,061,919 620,000 219,100 600,000 306,000 400,000 373,500 400,000 310,750 100,000 10,000 3,339,350 722,569 1,096,835 26,405,000 2026

2027 3,992,010 2,742 373,566 72,558 4,440,876 640,000 197,400 650,000 282,000 500,000 355,500 500,000 290,750 100,000 10,000 3,525,650 915,226 2,012,061 24,115,000 2027

2028 4,308,131 5,030 373,566 72,558 4,759,286 660,000 175,000 675,000 256,000 600,000 333,000 550,000 265,750 100,000 10,000 3,624,750 1,134,536 3,146,597 21,630,000 2028

2029 4,560,454 7,866 170,201 72,558 4,811,080 685,000 151,900 700,000 229,000 700,000 306,000 580,000 238,250 100,000 10,000 3,700,150 1,110,930 4,257,527 18,965,000 2029

2030 4,746,180 10,644 72,558 4,829,382 710,000 127,925 730,000 201,000 800,000 274,500 610,000 209,250 100,000 10,000 3,772,675 1,056,707 5,314,234 16,115,000 2030

2031 4,795,524 13,286 72,558 4,881,367 735,000 103,075 760,000 171,800 900,000 238,500 640,000 178,750 100,000 10,000 3,837,125 1,044,242 6,358,476 13,080,000 2031

2032 4,845,360 15,896 72,558 4,933,815 735,000 77,350 790,000 141,400 1,000,000 198,000 670,000 146,750 75,000 10,000 3,843,500 1,090,315 7,448,791 9,885,000 2032

2033 4,895,696 18,622 72,558 4,986,876 735,000 51,625 820,000 109,800 1,045,000 153,000 705,000 113,250 75,000 10,000 3,817,675 1,169,201 8,617,992 6,580,000 2033

2034 4,946,534 21,545 72,558 5,040,637 740,000 25,900 960,000 77,000 1,175,000 105,975 775,000 78,000 50,000 10,000 3,996,875 1,043,762 9,661,754 2,930,000 2034

2035 4,997,881 24,154 72,558 5,094,594 965,000 38,600 1,180,000 53,100 785,000 39,250 25,000 15,000 3,100,950 1,993,644 11,655,398 0 2035

Total 57,142,834 86,699 3,479,625 4,285,800 1,233,489 66,228,448 8,260,000 4,204,375 9,050,000 5,368,600 9,000,000 6,009,075 6,715,000 4,211,000 1,500,000 255,000 54,573,050 Total

Notes:

Note 1 Special assessments in Mt. Pleasant are subject to actual usage of the water main and may be indefinitely deferred under the terms of the Wholesale Agreement with the City of Racine

Note 2 Does not require up‐front capitalization ‐ payable only on "as earned" basis

Note 3 Administrative costs prior to 2020 are capitalized with other Project costs

Admin.

Expense Note 3

Develop‐

ment

Incentives Note 2

Total

Expenditures Annual Cumulative

Principal

Outstanding

G.O. Bond

8,260,000

2014

G.O. Bond

9,050,000

2015

9,000,000

2016

G.O. Bond

6,715,000

2018

Projected District Termination

Cash Inflows

Tax

Increments

Interest

Earnings/

(Cost)

Caledonia

Spec. Assess.

Mt. Pleasant

Spec. Assess. Note 1

Total

Revenues

Capitalized

Interest

BalancesCash Outflows

G.O. Bond


SECTION 11: Annexed Property

There are no lands proposed for inclusion within the District that were annexed by the Village on or after January 1, 2004.

SECTION 12: Estimate of Property to be Devoted to Retail Business

Pursuant to Wisconsin Statutes Sections 66.1105(5)(b) and 66.1105(6)(am)1, the Village estimates that no more than 35% of the territory within the District will be devoted to retail business at the end of the District’s maximum expenditure period.

SECTION 13: Proposed Zoning Ordinance Changes

The Village anticipates that portions of the District will be rezoned to either industrial or commercial use prior to development, but it does not anticipate that the District will require any other changes in zoning ordinances.

SECTION 14: Proposed Changes in Master Plan, Map, Building Codes and Village of Caledonia Ordinances

It is expected that this Plan will be complementary to the Village's master plan, known as the Village of Caledonia Land Use Plan. There are no proposed changes to the Master Plan, map, building codes or other Village ordinances for the implementation of this Plan.


SECTION 15: Relocation

It is not anticipated there will be a need to relocate persons or businesses in conjunction with this Plan. In the event relocation or the acquisition of property by eminent domain becomes necessary at some time during the implementation period, the Village will follow applicable Wisconsin Statutes Section chapter 32.

SECTION 16: Orderly Development of the Village of Caledonia

The District contributes to the orderly development of the Village by providing the opportunity for continued growth in tax base, job opportunities and general economic activity, specifically in the I-94 area, consistent with the Village’s Land Use Plan.

SECTION 17: List of Estimated Non-Project Costs

Non-Project costs are public works projects that only partly benefit the District or are not eligible to be paid with tax increments, or costs not eligible to be paid with TIF funds. Examples would include: A public improvement made within the District that also benefits property outside the District. That portion of the total project costs allocable to properties outside of the District would be a non-project cost.

A public improvement made outside the District that only partially benefits property within the District. That portion of the total project costs allocable to properties outside of the District would be a non-project cost.

Projects undertaken within the District as part of the implementation of this Project Plan, to the extent that the costs of which are paid by impact fees, grants, special assessments, or revenues other than tax increments. For the purposes of determining the Financial Feasibility no allowances for non-project costs, other than special assessments shown on the Implementation and Financing Timetable, have been assumed for the implementation of this Project Plan. As detailed design of the various projects occurs, determinations of other non-project costs using the criteria above would need to occur.


SECTION 18: Opinion of Attorney for the Village of Caledonia Advising Whether the Plan is Complete and Complies with Wisconsin Statutes 66.1105

Exhibit A: Calculation of the Share of Projected Tax Increments Estimated to be Paid by the Owners of Property in the Overlying Taxing Jurisdictions

Statement of Taxes Data Year: 2013

Percentage

County 7,689,246 17.76%

Technical College 3,134,666 7.24%

Municipality 13,366,635 30.87%

School District 19,102,723 44.12%

Total 43,293,270

Revenue Year County Municipality School District

Technical

College Total Revenue Year

2016 334 581 830 136 1,882 2016

2017 15,633 27,176 38,839 6,373 88,022 2017

2018 38,758 67,376 96,289 15,801 218,224 2018

2019 70,171 121,982 174,328 28,606 395,088 2019

2020 109,954 191,139 273,163 44,825 619,080 2020

2021 181,209 315,005 450,185 73,873 1,020,272 2021

2022 265,069 460,784 658,523 108,060 1,492,437 2022

2023 353,988 615,357 879,428 144,310 1,993,083 2023

2024 448,400 779,478 1,113,979 182,799 2,524,655 2024

2025 548,359 953,243 1,362,312 223,549 3,087,463 2025

2026 642,029 1,116,074 1,595,021 261,735 3,614,859 2026

2027 709,014 1,232,518 1,761,434 289,043 3,992,010 2027

2028 765,160 1,330,119 1,900,920 311,932 4,308,131 2028

2029 809,975 1,408,023 2,012,255 330,201 4,560,454 2029

2030 842,961 1,465,365 2,094,205 343,649 4,746,180 2030

2031 851,725 1,480,600 2,115,977 347,222 4,795,524 2031

2032 860,576 1,495,987 2,137,967 350,830 4,845,360 2032

2033 869,516 1,511,528 2,160,177 354,475 4,895,696 2033

2034 878,546 1,527,224 2,182,609 358,156 4,946,534 2034

2035 887,665 1,543,077 2,205,265 361,874 4,997,881 2035

10,149,044 17,642,636 25,213,705 4,137,449 57,142,834

Notes:

The projection shown above is provided to meet the requirments of Wisconsin Statute 66.1105(4)(i)4.

Estimated portion of taxes that owners of taxable property in each taxing jurisdiction

overlaying district would pay by jurisdiction.

july 14, 2014 project plan for the creation of tax...

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